Skip to comments.The Lottery Curse: 10 Winners Who Lost Millions
Posted on 01/26/2014 10:17:02 AM PST by Innovative
Have you ever wondered why millions of Americans are secretly addicted to playing the lottery? Even if the chances of anyone actually winning are 1 in 175,223,510? Many of us know at least one person whose religiously dedicated to winning the almighty jackpoteven if theyre aware of the extremely slim odds.
Check out our list of the 10 most unlucky lottery winners whose millions tragically changed their lives forever. Seems to us like the old saying, Money wont make you happy, should be changed to, Winning the lotto wont make you happy.
(Excerpt) Read more at therichest.com ...
Of course I am sure there are many sensible people who manage it well, but these ten people listed really destroyed their own lives -- the article statement "unlucky lottery winners" is inaccurate -- they weren't unlucky, they were naïve at best.
Ever examined the socio-economic demographics of most people who “invest” in lottery tickets? The explanation lies therein.
Or "Mo' Money, Mo' Problems."
I remember reading a long article about the decline and fall of a lottery winner from Florida. He was even featured on a TV show about lottery winners. He had purchased all sorts of statues and crap, including a bench with the Blues Brothers sitting on it.
He ended up in a rented storage unit strung out on drugs.
Well, I would gladly take the challenge.
I think the lottery claims the right to use you in commercials if you win, so it would be hard to hide your identity.
Interesting that very few Lottery winners chose to take their winnings in yearly payments.
That’s true of almost all places, but there are a few who allow anonymity. Wouldn’t trust anything going on in those places. Why wouldn’t Dem polls just split up jackpots for shady campaigns?
The first thing to do is contact a competent, trustworthy accountant.
I wonder if the money depends on the financial solvency of the state or are they “insured” by some financial organization like an annuity.
And the Second, a damn good lawyer
I would too! The lottery site tells you how to approach a big win. Set up your new life before you cash the ticket.
I’d just take the lump sum and live off the interest.
I believe the winnings are funded for annual payment models by purchase of annuity instruments, with the ‘single payment cash’ value set at the same as the cost of the annuity.
I would take the lump sum and a ticket out of California.
The way to tell if I won the lottery is if you hear people saying,”Where is Jeff these days?”
Money wont make you happy,
Yeah, but it’s nicer to be miserable in a Rolls Royce than in a Yugo.
and lawyer (set up retirement trusts, keep the money grubbers away, etc)
By being born, we hit a lottery with incredible odds.
By being born in a relatively free and prosperous society in these times, we hit with even higher odds.
For those of us who believe in eternal life with our Creator, well, the “prize” is something upon which no price can be placed.
I’d say that’s good enough for me.
The lottery is often referred to as a tax on the foolish. While this is not 100% true, it is true enough to be a saying. Why would we expect a good result when people who already make bad decisions are now able to make bad decisions with a whole bunch of zeros tacked on?
If you are irresponsible with your money before you win the lottery, you will be irresponsible after you win.
Anyone playing the lottery frequently could be judge as being irresponsible with their money. So it is not a surprise so many “winners” end up worse then they were before they won.
One does not have to tell anyone, the government will do it for you complete with pictures (except two states).
Disappear, go Galt, let No One know where you are.
Protect your family by removing yourself from their temptation
Notify ALL that any request for money will be met with disinheritance.
It may be possible to reestablishing relationships, but it will require a long time
One must assume the lottery or bank holding the funds will remain viable to take the monthly payments. One crook in charge or bad luck bank and you could get little to nothing.
I think this is the main reason people take the lump sum payment because it’s guaranteed money.
Good point. I never thought of that possibility. Even in the must-disclose states, though, they could just hire an actor to play the “winner” if they wanted to steal the jackpot.
If you don’t know how to handle money before you get a windfall, you won’t know how to handle it after you get a windfall, either.
The lottery purchases an annuity from an outside financial institution.
Considering the direction the dollar is going, that’s quite understandable. How would you feel having won a billion German Marks, payable over 20 years, about a century ago? What would once have made you wealthy beyond compare wouldn’t buy a sandwich much less than 20 years later.
#4 on the list gave hers to Democrats
what a blithering idiot
On the other hand, Hollywood Henderson blew through earned wealth, and seems to have made well on his second chance after winning the lottery.
even those who do take yearly payments soon find themselves selling future payments to structured settlement companies for a lot less than cash value
I’m pretty sure if I came into a lot of money I’d spend half of it on booze and broads. Then I’d just blow the rest.
Winning the lottery doesn’t change who you are, it magnifies it.
I'd like to know the percentage of those who squander their winnings to those who win and quietly move on with their lives. Is it high or low? I ask because there are very few stories on those who won and successfully transitioned from where they were to millionaires. I wonder why?......
I just wanna have a chance to be so cursed!
After winning I would wear every good luck charmed imagined.
Your question intrigued me so I googled up the following link, which has 7 interesting success stories:
Bump for later
IIRC, he died recently broke, from an overdose.
Someone on FR could probably verify some other details.
I met a college professor who had done research on how lottery winners were affected by their new found wealth. One interesting observation she shared was that the money winners often found themselves alienated from friends and even family who now saw them as primarily a source of money and free good times. She also told about a girl in her early twenties who was a large money winner. The girl was not particularly educated and grew up in very modest surroundings. After winning the girl became alienated from her friends who seemed to want to use her just for her money. However, while she used the money to move up in society, the girl said she never really felt she fit in and had a hard time establishing new relationships in a more affluent society.
Money may not buy happiness, but it can sure make the down payment. I’d like to have the chance of losing a million dollars. Note to self - no drugs, no low life friends, no gambling, no prostitution and don’t leave half of it in the car.
Same story could be written about Sports stars and Media stars. Very few of them, mainly those who come from well-grounded families and friends, still have the millions that gilded their names in their glory days. Anybody care to guess when Ol’ Justin B will be wondering “What Happened?!?”
I particularly feel sorry for the bag-boy preacher who lost it in being generous to others. Having that amount of money must have seemed a real way of helping others but it seems everyone took advantage but also took no responsibility! Hmmm, sounds a bit like Uncle Sugar, doesn’t it!
“I don’t care about losing all the money. It’s losing all the stuff.”
Step 1- have lunch with lawyer and CPA to set up trusts.
Step 2- take lump sum and the trust takes posession, anonymously of course.
Step 3- pay off all immediate family debts:house, cars, loans, credit card, etc.
Step 4- tax free muni bonds bought from me! A million dollars after taxes, I can get approx. $80,000.00/yr tax free income, and you still have your $1mm at maturity. Don't put all eggs in 1 basket though. Bullets, food, gold and silver us a good place to park money.
after your family is financially safe, then you gift to family, friends, charity, etc.
It can and has been done.